相关产品：港股消费ETF(159735) 5月8日，中证港股通消费主题指数（csi931454）盘中表现活跃，港股消费ETF（159735）表现不俗，其 盘中涨幅一度达到了1.48%，显示出市场对港股消费板块的乐观预期。 消息面上，国家金融监督管理总局发布通知，要求各级机构加大对重点领域小微企业的金融支持，推动 资源向外贸、民营、科技和消费等领域倾斜。银行业金融机构需公平精准授信，支持民营和小微企业发 展，并提升对小微外贸企业的服务水平。此外，金融机构还需培育新生产力，提供多元化服务，特别支 持住宿、餐饮、文旅及新兴消费领域的小微企业和个体工商户，助力扩大内需、促进消费。这一系列政 策举措有望进一步提升市场对港股消费板块的信心，为相关ETF的后续走势提供积极支撑。 中国银河表示，商务部等9部门联合发布《服务消费提质惠民行动2025工作方案》，强调释放服务消费 潜力，涵盖旅游休闲等行业。政策刺激将向服务消费扩散，地方财政支出为主，支持力度有提升空间。 政策节奏与投资时点依赖政府相机抉择，旺季前夕出台可能性大。餐饮业作为社零权重项，政策支持明 确，行业内部现积极信号，龙头品牌调整策略，提价趋势明显。受益方向包括O ...

5月7日，国新办举行新闻发布会，邀请中国人民银行、金融监管总局和证监会共同介绍"一揽子金融政策支持 稳市场稳预期"有关情况。本次一揽子金融政策着力于五个方面，即稳市场、稳预期、扩内需、促科创、扶企 业。锚定上述目标，货币政策、金融监管政策和资本市场政策环环相扣、组合发力，兼顾稳定与发展，对实体 经济和资本市场提供全方位支持。 一、政策梳理：金融政策全方位发力 一是货币政策，包括三大类共十项措施。 总量上，如期落地全面降准降息，对已适用存款准备金率最低标准 的汽车金融公司和金融租赁公司的法准率阶段性调降至0，降息同时涉及逆回购利率、LPR、结构性货币工具 利率以及公积金贷款利率；结构上，新增"服务消费与养老再贷款"，创设"科技创新债券风险分担工具"，扩大 已有的"科技创新和技术改造再贷款"，合并两项支持资本市场的货币政策工具，旨在支持科技创新、扩大消 费、稳定股市。 表1：十项货币政策增量措施 | 三大类 | 政策意图 | 十项措施 | | --- | --- | --- | | 数量型 | 保持流动性 | 降低存款准备金利率 0.5pct，将向市场提供长期流动性约 1 万亿。 | | 政策 | 充裕 | 完善 ...

交银国际研究 宏观策略 2025 年 5 月 7 日 中国宏观 一揽子金融政策简评：三大金融部门联手稳预期、提信心 2025 年 5 月 7 日，"五一"假期后，国务院新闻办公室宣布一揽子重磅金融政 策，中国人民银行、国家金融监督管理总局、中国证监会负责人出席会议，并 介绍具体措施。本次金融政策支持举措的落地也是今年 4 月中央政治局会议精 神的传达和落实（参见此前报告），会议提出适时降准降息、创设新的结构性 货币政策工具，以及一系列稳预期、提信心的具体举措均实现了快速的落实。 本次金融政策组合拳覆盖货币政策、资本市场、房地产市场以及实体经济等多 个领域。从政策内容看，既有短期纾困举措，也有长期制度安排；既有总量政 策，也有结构性工具，形成了全方位、多层次的政策支持体系。预计本次政策 组合将对稳定市场预期、提振市场信心、支持实体经济发展产生积极影响。同 时，中美经贸关系出现积极转变，双方重启谈判渠道，利好提振市场风险情 绪，为港股市场带来正面催化。具体来看： 中国人民银行：降准、降息，精准宽松 中国人民银行行长潘功胜宣布全面降准、降息组合拳。此次降准 0.5 个百分点 释放长期流动性约 1 万亿元人民币（下同 ...

2025 年 5 月 7 日 行业研究 国补及服务消费表现突出，离岛免税销售额跌幅收窄 ——2025 年劳动节假期零售免税数据点评 要点 增速环比回升，国补品类及服务消费延续亮眼表现 商务部商务大数据显示，2025 年劳动节期间，全国重点零售和餐饮企业销售额 （下称"2025 五一销售额"）比去年同期提升 6.3%。2025 五一销售额的同比 增速相较 2024 年同期的 6.8%下降 0.5pct，但环比 2025 年春节的同比增速 4.1% 提升 2.2pct，环比有所转暖。 从细分品类的维度来看，2025 年春节表现亮眼的赛道仍有较强动能：1）国补相 关品类销售额增长显著。根据商务部数据，五一假期期间商务部重点监测零售企 业家电、汽车、通讯器材销售额同比分别增长 15.5%、13.7%与 10.5%，商务部 重点监测电商平台智能家居产品销售额同比增长超 20%。 2）服务类消费维持高增。商务部数据显示，2025 年劳动节期间重点监测餐饮企 业营业额同比增长 8.7%，表现亦优于大盘。美团旅行数据显示，2025 年五一假 期期间，文旅订单量较 2023 年同期增长 30%，美团酒店预定量创下历史峰值； 抖 ...

Core Viewpoint - The People's Bank of China (PBOC) has introduced a comprehensive monetary policy package aimed at increasing long-term liquidity supply and maintaining market liquidity through measures such as reserve requirement ratio (RRR) cuts and interest rate reductions [2][3][4]. Group 1: Monetary Policy Measures - The RRR has been lowered by 0.5 percentage points, expected to provide approximately 1 trillion yuan in long-term liquidity to the market [2]. - The reserve requirement ratio for auto finance and financial leasing companies will be reduced from 5% to 0% [3]. - The policy interest rate has been decreased by 0.1 percentage points, with the 7-day reverse repurchase rate dropping from 1.5% to 1.4%, likely leading to a similar decline in the Loan Prime Rate (LPR) [3]. - Structural monetary policy rates have been cut by 0.25 percentage points, including various special policy rates and the agricultural and small business re-lending rate, from 1.75% to 1.5% [3]. - The personal housing provident fund loan rate has been reduced by 0.25 percentage points, with the 5-year and above first home loan rate decreasing from 2.85% to 2.6% [3]. - An additional 300 billion yuan has been allocated for technology innovation and technological transformation re-lending, increasing the total from 500 billion yuan to 800 billion yuan [4]. - A new 500 billion yuan re-lending facility for service consumption and elderly care has been established to encourage banks to increase credit support in these areas [4]. - The re-lending quota for agricultural and small business support has been increased by 300 billion yuan, complementing the reduction in re-lending rates [4]. Group 2: Impact on Consumption and Investment - The new policies are expected to stimulate domestic consumption, reducing reliance on international trade, and addressing issues related to healthcare, elderly care, and housing [4]. - Lower interest rates on loans for renovations and car purchases, along with faster loan approvals for small businesses, are anticipated to benefit borrowers [5]. - The reduction in financing costs for enterprises is expected to enhance their development, stabilize employment, and ensure residents' income stability [6]. - The release of liquidity is seen as beneficial for the stock market, particularly in the financial and technology sectors, as well as the bond market [7]. Group 3: Future Policy Directions - The PBOC plans to continue implementing moderately loose monetary policies, adjusting based on domestic and international economic conditions and financial market operations [8]. - There is potential for expanding the scale of existing tools, improving policy elements, or creating new policy instruments in response to economic performance [8].

Core Viewpoint - The People's Bank of China (PBOC) has announced a series of macro monetary policy measures aimed at addressing structural economic issues and stimulating domestic demand through targeted financial support [1][2][3]. Group 1: Interest Rate Adjustments - The PBOC has lowered the structural monetary policy interest rate by 0.25 percentage points, reducing it from 1.75% to 1.5% for various special structural policies and from 2.25% to 2% for mortgage supplementary loans [2][3]. - This marks the first comprehensive reduction of structural monetary policy tool rates by the PBOC, which includes long-term tools like agricultural and small business re-loans as well as short-term tools for carbon reduction and housing support [3][4]. Group 2: New Policy Tools - A new re-loan tool of 500 billion yuan has been established to support service consumption and elderly care, aimed at encouraging banks to increase credit support in these sectors [5][6]. - This new tool is an expansion and upgrade of the previous inclusive elderly care re-loan policy, which initially had a quota of 40 billion yuan and was piloted before being rolled out nationwide [8][9]. Group 3: Increased Quotas for Existing Tools - The quotas for two existing structural monetary policy tools have been increased by 300 billion yuan each: the quota for technology innovation and technical transformation re-loans has risen from 500 billion yuan to 800 billion yuan [10][11]. - The increase in quotas for agricultural and small business re-loans is expected to enhance support for inclusive finance, particularly for rural, small, and private enterprises [14]. Group 4: Optimization of Existing Tools - The PBOC has merged the quotas of two tools—stock repurchase and securities, fund, and insurance company swap convenience—totaling 800 billion yuan to improve usability and flexibility for different types of institutions [15][16]. - As of now, the swap convenience has conducted two operations totaling 105 billion yuan, and over 500 listed companies have announced the use of loans for stock repurchases, amounting to nearly 300 billion yuan [17].

Core Viewpoint - The Chinese government is implementing a comprehensive set of financial policies aimed at stabilizing the market and expectations, which includes monetary policy measures from the People's Bank of China (PBOC), regulatory policies from the financial regulatory authority, and market stabilization strategies from the China Securities Regulatory Commission (CSRC) [2][6][14]. Monetary Policy Measures by PBOC - The PBOC will lower the reserve requirement ratio by 0.5 percentage points, expected to provide approximately 1 trillion yuan in long-term liquidity [3]. - The reserve requirement ratio for auto finance and financial leasing companies will be reduced from 5% to 0% [4]. - The policy interest rate will be decreased by 0.1 percentage points, with the 7-day reverse repurchase rate dropping from 1.5% to 1.4%, likely leading to a similar decrease in the Loan Prime Rate (LPR) [4]. - The interest rates for various structural monetary policy tools will be lowered by 0.25 percentage points, including special structural tools and re-lending rates [4]. - The personal housing provident fund loan rate will be reduced by 0.25 percentage points, with the five-year and above first home loan rate decreasing from 2.85% to 2.6% [4]. - An additional 300 billion yuan will be allocated for technology innovation and technological transformation re-lending, increasing the total from 500 billion yuan to 800 billion yuan [4]. - A new 500 billion yuan "service consumption and elderly care re-lending" will be established to encourage banks to increase credit support for these sectors [5]. - The re-lending quota for agriculture and small enterprises will be increased by 300 billion yuan, supporting banks in expanding loans to these sectors [5]. - The PBOC will optimize two capital market support tools, merging 500 billion yuan for securities fund insurance company swaps and 300 billion yuan for stock repurchase re-lending into a total of 800 billion yuan [5]. - A risk-sharing tool for technology innovation bonds will be created, allowing the PBOC to provide low-cost re-lending to support the issuance of these bonds [5]. Regulatory Policies by Financial Regulatory Authority - The financial regulatory authority will introduce eight incremental policies to enhance the implementation of existing policies and support the real estate market [7]. - A series of financing systems will be developed to align with new real estate development models [8]. - The scope for long-term investment by insurance funds will be expanded to inject more incremental capital into the market [8]. - Regulatory rules will be adjusted to lower the investment risk factors for insurance companies in stock investments [9]. - A comprehensive policy package will be launched to support financing for small and private enterprises [10]. - Policies will be developed to support foreign trade development, particularly for entities affected by tariffs [10]. - The management of merger loans will be revised to facilitate industry transformation [11]. - Financial asset investment companies will be established to enhance investment in technology innovation enterprises [12]. - High-quality development opinions for technology insurance will be formulated to support risk-sharing and compensation [13]. Market Stabilization Strategies by CSRC - The CSRC will focus on consolidating market stability while enhancing market vitality and functionality [14]. - Measures will be introduced to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [15]. - The CSRC will promote the development of technology innovation bonds and optimize the issuance process [15]. - Efforts will be made to increase the participation of long-term funds in the market [16]. - Strategies will be implemented to support the real estate market and stock market stability, including increasing insurance fund investments [17][18]. - Specific measures will be introduced to assist listed companies in coping with the impacts of tariffs [19].

"这项工具也是人民银行支持提振消费的一项创新举措，额度是5000亿元。"他说，这次创设并加力实施 系列结构性货币政策工具，既有数量的增加，也有价格的优惠，更好发挥了结构性货币政策工具的牵引 和带动作用。 潘功胜提到，从传统意义上讲，货币政策主要是总量工具，但在中国经济运行中，大家都十分清楚，很 多矛盾和挑战是结构性的，结构调不好，总量调控也很难发挥有效作用。结构性货币政策工具有助于推 动解决一些结构性的矛盾和问题。这些年来，人民银行在实践中不断地探索，按照"聚焦重点、合理适 度、有进有退"的原则，先后创设了多项结构性货币政策工具，目前形成了总量工具为主、结构性工具 为补充的货币政策调控框架。 他举例，到4月末，存续的结构性政策工具共9项，主要聚焦于国民经济重点领域、重大战略和薄弱环 节，存量余额约5.9万亿元，占人民银行资产负债表规模的13%，处于合理水平。 南都讯记者潘珊菊发自北京5月7日，在国新办新闻发布会上，中国人民银行、国家金融监督管理总局、 中国证券监督管理委员会负责人介绍"一揽子金融政策支持稳市场稳预期"有关情况。 关于如何创设并加力实施结构性货币政策工具，央行行长潘功胜介绍，设立5000亿元的服 ...

中国人民银行行长潘功胜5月7日在国新办新闻发布会上宣布，将设立5000亿元服务消费与养老再贷款，加大消费重点领域低成本资金支持。 记者注意到，4月25日召开的中央政治局会议上已明确要设立服务消费与养老再贷款。业内专家表示，新政策工具将激发服务消费和养老市场活力：一方 面，可进一步激发国内服务消费潜力，促进扩大服务消费供给、提振服务消费需求；另一方面，可支持养老产业发展，也有利于完善养老保障，在更长期限 中释放居民消费潜力。 新政策工具是对前期普惠养老专项再贷款政策的扩容和升级。2022年4月，人民银行设立普惠养老专项再贷款，额度400亿元，先期以试点方式开展，后拓展 至全国。新政策工具额度更大，支持领域更广，利率更低，在全国范围内均适用，是对普惠养老专项再贷款政策的扩容升级，体现了货币政策对消费、养老 等领域的支持力度。 结构性降息也是降息，有利于强化对商业银行的政策激励作用。央行官方数据显示，截至2025年1季度末，结构性货币政策工具余额5.9万亿元，是央行重要 的基础货币投放渠道。此次降低利率0.25个百分点，有利于强化对商业银行的政策激励，进一步发挥结构性货币政策工具对商业银行的牵引带动作用，激励 商业 ...

5月7日，国新办新闻发布会举行。中国人民银行、国家金融监督管理总局、中国证券监督管理委员会负 责人介绍"一揽子金融政策支持稳市场稳预期"有关情况，并答记者问。 潘功胜 中国人民银行行长 ▶ 央行发布3类10项措施 一是数量型政策，通过降准等措施，加大中长期流动性供给，保持市场流动性充裕。二是价格型政策， 下调政策利率，降低结构性货币政策工具利率，同时调降公积金贷款利率。三是结构型政策，创设并加 力实施结构性货币政策工具，支持科技创新、扩大消费、普惠金融等领域。 ▶ 降准又降息！下调个人住房公积金贷款利率 ▶ 合并两项支持资本市场货币政策工具额度，共8000亿元 优化两项支持资本市场货币政策工具，将5000亿元证券基金保险公司互换便利，和3000亿元股票增持回 购再贷款两个工具的额度合并，总额度变为8000亿元。 ▶ 外部冲击下国内金融市场保持稳健 今年一季度金融市场表现良好，股市运行总体平稳，交易标准质量较高。在经济基本面改善的带动下， 市场自我矫正能力增强，人民币对美元汇率去年末小幅升值1%左右。 ▶ 央行将创设科技创新债券风险分担工具 潘功胜宣布，将创设科技创新债券风险分担工具。 ▶ 4月以来金融市场展现 ...